Cryptocurrency expert predicts bitcoin’s growth to $ 35,000

Benjamin Cowen, a leading crypto analyst, has made a fresh forecast for the flagship cryptocurrency and the altcoin market. The expert notes that bitcoin could reach $ 35,000 this year.

«I believe that in the short term, it is very difficult to say whether bitcoin will be able to go a little higher again. I predict a target of $ 35,000, which would be good if it can reach it,» the analyst said in an interview with David Lin Report.

According to CoinMarketCap, at the time of writing, bitcoin is trading at $ 30,716, up 1.2% from yesterday. The asset’s market capitalization is $ 644.9 billion, and traders have made daily trading deals worth $ 17.2 billion. Bitcoin’s market share is 50.1%.

Cowen also made a prediction for altcoins. «If the BTC rises to $ 35,000, it will not have a good effect on the altcoin market. Most likely, altcoins will simply continue to collapse on their pairs with bitcoin. Then at some point, the BTC will have to go back down. And then the altcoin market will decline even further, and the dominance of [біткоїна] will continue to grow,» the expert predicts.

The crypto analyst also explained why BTC is confidently ahead of all altcoins on the market: «Liquidity is practically drying up, so people are looking for security in BTC rather than in the altcoin market. However, this is relative security. It doesn’t mean that bitcoin won’t eventually fall, it means that bitcoin is relatively more stable.»

As a reminder, popular crypto analyst Willie Wu recently stated that the flagship asset could reach a record high of $ 310,000. According to the expert, this will be possible if large investment companies allocate 5% of their assets to buy the main cryptocurrency.